Monday, June 1, 2015

Molycorp Skips Interest Payment Due Today $MCP

"GREENWOOD VILLAGE, CO (June 1, 2015) — Molycorp, Inc. (NYSE: MCP) (the “Company”) announced today that it has elected to take advantage of the 30-day grace period with respect to the $32.5 million semi-annual interest payment due June 1, 2015 on its 10% Senior Secured Notes due 2020, as provided for in the indenture governing the notes. This election by the Company will not trigger any cross-default provisions in other outstanding Company debt prior to the end of the grace period and should not affect current operations. As previously disclosed, the Company has retained financial and legal advisors to assist the Company to restructure its debt. The Company will use the grace period to continue to evaluate different options related to such debt restructuring."


jHurt said...

MCP v WLT horse race continues. going down to the wire

CP said...

Seems clear that MCP is going to win?

jHurt said...

^i still can't believe WLT made those interest payments on the unsecureds!